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Fuel Update: Petrol, diesel rates fall despite rising global crude oil prices and tax paying

Fuel Update: Petrol, diesel rates fall despite rising global crude oil prices and tax paying

After today’s cut, a litre of petrol in Delhi costs Rs 90.56, down from Rs 90.78 on Monday. Diesel price in Delhi has fallen below the Rs 81-mark for the first time in several months. Check rates in other cities:

Domestic fuel prices fell on Tuesday despite a marginal rise in global crude oil rates. State-run oil marketing companies (OMCs) have slashed petrol rates by 22 paise, while diesel prices across the country have been reduced by 23 paise.

The fresh price reduction comes a few days after fuel rates were slashed for two consecutive days. After today’s cut, a litre of petrol in Delhi costs Rs 90.56, down from Rs 90.78 on Monday. In Mumbai, the price of petrol has finally fallen below the Rs 97-mark.

It has also come down in other cities such as Kolkata (Rs 90.77), Chennai (Rs 92.66), Bengaluru (Rs 93.59), Hyderabad (Rs 94.16) and Jaipur (Rs 96.86).

Petrol, diesel prices slashed for 1st time in 2021:

slash

Petrol and diesel prices have been slashed for the first time in 2021. The development comes in the wake of falling international crude oil rates.

Petrol and diesel prices were slashed for the first time in 2021 after a sharp fall in global crude oil prices. State-run oil marketing companies (OMCs) on Wednesday cut petrol and diesel prices by 18 paise and 17 paise respectively.

After today’s cut, a litre of petrol in Delhi costs Rs 90.99, down from Rs 91.17. Petrol rates have also dropped in other major cities including Kolkata (Rs 91.18), Mumbai (Rs 97.40), Chennai (Rs 92.95), Bengaluru (Rs 94.04), Hyderabad (Rs (Rs 94.61) and Jaipur (Rs 97.56).

Meanwhile, diesel price in Delhi has now come down to Rs 81.30, down 17 paise from yesterday. It has also dropped in other major cities including Kolkata (Rs 84.18), Mumbai (Rs 88.42), Chennai (Rs 86.29), Jaipur (Rs 89.84), Bengaluru (Rs 86.21) and Hyderabad (Rs 88.67).

How much taxes you pay on petrol and diesel?

tax

The taxes levied by the central and state governments on petrol and diesel are again on the spotlight with domestic petrol prices hitting record highs. In Delhi, petrol prices today retailed at ₹84.70 a litre while diesel was retailing at ₹74.88 per litre, after an overnight hike of 25 paise. Besides taxes, in India, the price of petrol and diesel you pay at the pump is dependent on international product prices, rupee-dollar exchange rate and other factors like dealer margin and freight charges. Petrol and diesel do not come under the purview of goods and services tax (GST).

Based on the January 1 price of petrol in Delhi of ₹83.71 per litre, the base price of the fuel was ₹27.37 per litre, according to Indian Oil website. Including freight levy of ₹0.37 per litre, price charged to dealers (excluding excise duty and VAT) was ₹27.74 per litre.

Add to it excise duty of ₹32.98 per litre and dealer commission, which averaged ₹3.67 per litre. On this, further add VAT or value added tax (including VAT on dealer commission) of ₹19.32 per litre. Then comes the final retail selling price of petrol of ₹83.71 a litre ((January 1 price) in Delhi.

India’s fuel consumption in December rose for a fourth straight month as economic activity and transport demand continued to recover from a coronavirus-led hiatus.

Petrol and diesel rates are to be revised on a daily basis in line with benchmark international price and foreign exchange rates.

Today’s fuel reduction comes despite a marginal rise in international crude oil prices. It may be noted that global crude oil prices rose on Monday after reports indicated that Russia would support stable oil output from OPEC+ ahead of a meeting with the producer group later this week.

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After today’s cut, a litre of petrol in Delhi costs Rs 90.56, down from Rs 90.78 on Monday. Diesel price in Delhi has fallen below the Rs 81-mark for the first time in several months. Check rates in other cities:

Domestic fuel prices fell on Tuesday despite a marginal rise in global crude oil rates. State-run oil marketing companies (OMCs) have slashed petrol rates by 22 paise, while diesel prices across the country have been reduced by 23 paise.

The fresh price reduction comes a few days after fuel rates were slashed for two consecutive days. After today’s cut, a litre of petrol in Delhi costs Rs 90.56, down from Rs 90.78 on Monday. In Mumbai, the price of petrol has finally fallen below the Rs 97-mark.

It has also come down in other cities such as Kolkata (Rs 90.77), Chennai (Rs 92.66), Bengaluru (Rs 93.59), Hyderabad (Rs 94.16) and Jaipur (Rs 96.86).

Petrol, diesel prices slashed for 1st time in 2021:

slash

Petrol and diesel prices have been slashed for the first time in 2021. The development comes in the wake of falling international crude oil rates.

Petrol and diesel prices were slashed for the first time in 2021 after a sharp fall in global crude oil prices. State-run oil marketing companies (OMCs) on Wednesday cut petrol and diesel prices by 18 paise and 17 paise respectively.

After today’s cut, a litre of petrol in Delhi costs Rs 90.99, down from Rs 91.17. Petrol rates have also dropped in other major cities including Kolkata (Rs 91.18), Mumbai (Rs 97.40), Chennai (Rs 92.95), Bengaluru (Rs 94.04), Hyderabad (Rs (Rs 94.61) and Jaipur (Rs 97.56).

Meanwhile, diesel price in Delhi has now come down to Rs 81.30, down 17 paise from yesterday. It has also dropped in other major cities including Kolkata (Rs 84.18), Mumbai (Rs 88.42), Chennai (Rs 86.29), Jaipur (Rs 89.84), Bengaluru (Rs 86.21) and Hyderabad (Rs 88.67).

How much taxes you pay on petrol and diesel?

tax

The taxes levied by the central and state governments on petrol and diesel are again on the spotlight with domestic petrol prices hitting record highs. In Delhi, petrol prices today retailed at ₹84.70 a litre while diesel was retailing at ₹74.88 per litre, after an overnight hike of 25 paise. Besides taxes, in India, the price of petrol and diesel you pay at the pump is dependent on international product prices, rupee-dollar exchange rate and other factors like dealer margin and freight charges. Petrol and diesel do not come under the purview of goods and services tax (GST).

Based on the January 1 price of petrol in Delhi of ₹83.71 per litre, the base price of the fuel was ₹27.37 per litre, according to Indian Oil website. Including freight levy of ₹0.37 per litre, price charged to dealers (excluding excise duty and VAT) was ₹27.74 per litre.

Add to it excise duty of ₹32.98 per litre and dealer commission, which averaged ₹3.67 per litre. On this, further add VAT or value added tax (including VAT on dealer commission) of ₹19.32 per litre. Then comes the final retail selling price of petrol of ₹83.71 a litre ((January 1 price) in Delhi.

India’s fuel consumption in December rose for a fourth straight month as economic activity and transport demand continued to recover from a coronavirus-led hiatus.

Petrol and diesel rates are to be revised on a daily basis in line with benchmark international price and foreign exchange rates.

Today’s fuel reduction comes despite a marginal rise in international crude oil prices. It may be noted that global crude oil prices rose on Monday after reports indicated that Russia would support stable oil output from OPEC+ ahead of a meeting with the producer group later this week.

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